Greencoat UK Wind to increase stake in Scottish wind farm

FTSE 250 renewable infrastructure fund Greencoat UK Wind will increase its stake in Scotland's Clyde wind farms to 28.2% for a consideration of £114.2m.

In order to fund the purchase, Greencoat will raise up to £118.8m through a placing of 101.57m new ordinary shares in the company at an issue price of 117p each.

Greencoat anticipates the Clyde purchase will be completed by 30 May 2018.

The Clyde wind farm was officially opened by Scotland's then First Minister, Alex Salmond, and remains one of Europe's biggest single consented wind farms.

Clyde started exporting electricity to the national grid in June 2011 and has 152 turbines with a total installed capacity of 350 megawatts.

As of 0920 BST, Greencoat shares had dialled back 1.72% to 119.70p.